Excel Maritime Reports 3Q Results

Wednesday, November 14, 2007
Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the third quarter and nine month period ended September 30, 2007 and declared a quarterly dividend of $0.20 per share for the third quarter 2007. Total revenues for the third quarter 2007 amounted to $43.2m as compared to $32.7m for the same period in 2006. Net income for the third quarter 2007 amounted to $19.2m versus $9.9m for the same period in 2006. Earnings per share for the third quarter 2007, calculated on 19,978,365 shares were $0.96 compared to $0.50 in the third quarter of 2006. The average number of shares outstanding in the third quarter of 2006 was 19,949,644. It should be noted that the third quarter 2007 figures include unrealized losses of $0.7m or $0.04 per share while third quarter 2006 figures include unrealized losses of $0.9m or $0.04 per share due to the existence of interest rate swaps that do not qualify as hedge accounting. The results of the third quarter 2007 include $0.4m of income or $0.02 per share due to Excel's participation in Oceanaut. EBITDA for the third quarter 2007 was $29.9m compared to $21.4m during the third quarter 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income. An average of 16 vessels were operated during the third quarter 2007 earning a blended average time charter equivalent rate of $29,387 per day, compared to an average of 17 vessels operated during the third quarter 2006 earning a blended average time charter equivalent rate of $19,971per day.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Maritime Needs More Women Power

United Nations  International Maritime Organization (IMO) Secretary- General Ki Tack Lim pushed for the increased involvement of women in the seafaring industry

Offshore

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0905 sec (11 req/sec)